Going to Graduate School
What is Graduate School?
A graduate school is an institution of higher education that offers courses that lead to degrees beyond the Bachelor’s degree. Many professions, such as doctors, dentists, lawyers and veterinarians require that you obtain a graduate-level degree.
Why Attend Graduate School?
You might consider attending graduate school if you are looking to:
- Challenge yourself intellectually or increase knowledge in your field of expertise
- Practice in a professional field that requires a graduate-level degree, such as medicine, dentistry, law, etc.
- Advance your career, and possibly your salary
- Change your career, by learning a new skill or expanding your current skill set
Although graduate school is a great way to further your career and your education, the decision to attend graduate school should not be taken lightly. Graduate school generally requires a large commitment of time and financial resources. If you are already working, it may be difficult to find time to attend classes and complete rigorous coursework, while still fulfilling your work and family duties.
Research Graduate Programs
Before deciding to attend graduate school, start researching graduate programs related to your field of study or profession. Start reviewing the acceptance criteria, course requirements and the cost of various programs in your field of study. Check available sources that have done studies on the impact that a graduate degree has on future earnings in your field. For instance, the average salary for someone with a law degree is generally over $100,0001. If your chosen profession doesn’t pay high salaries, make sure that you can afford to pay for grad school and manage your student loan debt.
For more information on specific types of graduate programs, read the following sections:
Dental Schools
Law Schools
MBA Schools
Medical Schools
Graduate School Rankings
To research the top graduate programs, you might want to look at graduate school rankings in your field. Remember, highly rated graduate programs usually have more competitive admissions processes. We’ve listed some resources for graduate school rankings below:
U.S. News & World Report – Rankings for top graduate programs in law, engineering, education, medicine and more.
BusinessWeek – Rankings for top business schools.
How to Pay for Graduate School
The financial aid process is the same for graduate students as it is for undergraduates, with some minor differences. As a graduate student, you’ll still need to complete the FAFSA every year and wait for an award letter from your school. The main difference is that many graduate students now automatically qualify as “independent students.”
Graduate students qualify for the same types of financial aid as undergraduate students, including scholarships, grants and federal student loans. Borrowing limits for Federal Stafford loans are much higher for graduate students ($20,500 for graduate students, $40,500 medical students). If the Federal Stafford Loan is not enough, you’ll want to research the Federal Grad PLUS Loan or private student loans to cover the remaining costs. If you are going to incur significant student loan debt in order to obtain a graduate degree, you’ll want to read more about managing your student loan debt.
Some graduate students are able to pay for all or part of graduate school through employer-sponsored tuition reimbursement plans. Check with your workplace to see if a tuition reimbursement program is offered.
If you need a refresher on how to pay for college, read the following sections:
Paying For College
College Scholarships
College Grants
Federal Stafford Loan
Federal Grad PLUS Loan